A Teesside water supplier is set to expand its business after securing funding from a private equity house.

Everflow, which is based in Wynyard Business Park , has secured the investment from private equity firm Perwyn to support the business’ growth.

Everflow specialises in supplying water to SMEs across England and Scotland.

Josh Gill, founder and managing director of Everflow, said: “The investment from Perwyn will allow us to accelerate our growth plans and take advantage of the opportunity that deregulation has presented to us.

“We believe there is gap in the market in terms of a water supplier who can offer a low-cost pricing model whilst doing the simple things such as billing effectively.

“Delivering technology-driven solutions that reduce water consumption and costs for businesses is a key part of our growth plans and we look forward to working with the Perwyn team to that end.”

Everflow was set up three years ago by Mr Gill and operations director Adam Straker to take advantage of the deregulation of the UK water industry.

Perwyn co-founder and partner Andrew Wynn led the private equity firm’s team during the transaction, along with fellow partner Ravi Sharma.

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Mr Wynn said: “There is a still an education process for the market as many businesses do not fully appreciate that they have a wider choice in terms of water supplier.

“Given Everflow’s low-cost and simple pricing model, we believe there are exciting times ahead for the business and look forward to working with the management team over the coming years.”

Along with the investment, Everflow has brought in James Cleave as its new finance director to help with the next phase of its growth. Mr Cleave previously worked at Deloitte.

The deal was fully advised by North East professional services firms, including Baldwins Accountants - which advised both firms during the deal. Also involved in the deal was Marc Allison from Watson Burton, Katherine Hey-Heddle and Imogen Holland from Ward Hadaway, and Grahame Maughan from Ryecroft Glenton.

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Abu Ali, corporate finance director at Baldwins, said: “Everflow is an exceptional business which has seen a significant level of month-on-month growth since inception. We are delighted that we have found a suitable investment partner for the business going forward.

“The Baldwins model is about advising entrepreneurs like Josh on all aspects of business growth. The market continues to be buoyant and we are seeing a number of funders actively seeking investment in the North East.”